《大行報告》瑞銀:匯控(00005.HK)次季經調整稅前溢利高預期 受惠撥備及資本表現較佳
瑞銀髮表報告表示,匯豐控股(00005.HK)今年第二季經調整除稅前溢利56億美元,高於市場原預期的47億美元,該行計入包括數項項目後的經調整除稅前溢利高於市場原預期11%,主要是撥備支出較低,並指其資本表現較佳;該行指匯控收入比市場預測低3%、非利息收入下降7%,淨利息收入增長1%,然而淨息差持續下降。
該行指,匯豐控股提出了將派息比率目標設定在40%至55%範圍內,該行認爲對集團信貸質量的前景更加清晰。根據該行目前的每股收益估計和中檔派息率,匯豐將提供股息回報5.3釐,略低於行業平均6釐水平。
瑞銀表示,匯控目前估值相當預測2022年市盈率8.8倍、有形資產淨值的0.7倍、有形股本回報率的7.8釐,該行予在倫敦上市的匯控「中性」投資評級及目標價450便士。
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